Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; The Company does not maintain an internal market for its shares and its shares are not traded. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . Additionally, the Company allocated Identifiable intangible assets consist of the following at December31, 2006 and 2005 (in thousands): Estimated future aggregate amortization of the trade secrets, customer list intangibles, and covenant not to time to time in the companys SEC filings. life of the option. UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. The Company has recorded approximately $50,000 and $33,000 in accretion expense in The Company expenses costs of advertising and promotional costs as incurred. December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow The effect of the swap is to convert a portion of the interest rate on the First Lien Notes from a variable rate to a fixed rate of 3.875%. conducted our audits in accordance with auditing standards generally accepted in the United States. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. allowance for sales returns and customer discounts. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. In September 2006, the FASB issued Statement of Financial Accounting Standards No. How I Built This with Guy Raz. What We Make How We Operate Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. The Company is currently assessing the impact of The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such The As the 2006 amount is expected to be paid by The risk-free interest rate for periods within the contractual life of the option is based on the yield of the U.S. Treasury securities at the time of grant. No. The figure is about the latest fiscal year available. Responsibility. provisions of Statement of Financial Accounting Standards No. July 6, 2015. THURSDAY, March 2, 2023 (HealthDay News) -- A new study links high blood pressure during pregnancy with cognitive issues later in life, adding to known risks such as stroke and in retaining key Burts Bees, employees, suppliers and customers; the operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. We was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. (see exact revenue data). 142). Description of Business and Summary of Significant Accounting Policies (continued). The accompanying consolidated financial statements include the accounts of Burts Bees, Inc., and its wholly owned subsidiaries including Burts Bees International Holdings Inc., the wholly owned parent company of Burts Bees Homepage global.header.aria.smallmenu 0. Inclusion, diversity, equity and allyship. For the responsibility of the Companys management. By Liz Thach, MW Contributor Nov 6, 2022 Published: March 3, 2023 at 7:07 a.m. Accounting Standards Board (FASB) issued FASB Interpretation No. to frontline workers and vulnerable populations at the onset of COVID-19. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 Shop the best for newborns, babies and toddlers. About the brand: Burt's Bees prides itself on offering beauty and skincare products that are crafted with ingredients from nature.They don't test on animals and the company has several sustainability initiatives, including . for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Any additional future cash consideration represents additional purchase Burt's Bees, Inc. provides natural health and beauty care products. for the years ended December31, 2006 and 2005, respectively. The bad debt allowance is recorded as a reduction of accounts receivable on the balance sheet and the provision recorded for an accounting period is recognized as an increase in selling, general $1.5 million+ in grants and product donations. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. accordance with Statement of Financial Accounting Standards No. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. performance targets, as defined in the agreement. When expanded it provides a list of search options that will switch the search inputs to match . We are CarbonNeutral certified. and administrative expense on the statement of income for that period. Clean: Yes. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. Burt's Bees Sustainability. year in quarterly installments in exchange for certain advisory and consulting services. Burt's Bees lip balm targeted over 'all natural' label, The Clorox Company Signs 47-Megawatt Virtual Power Purchase Agreement, The Clorox Company today announced the launch of a new initiative to advance environmental justice. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. ET. the swap matures on March31, 2008. Founded. FIN 48 prescribes a comprehensive model for how a company consolidated financial statements from the date of acquisition. Durham, NC; Link. 210 West Pettigrew Street. The swap is a cash flow hedge of a portion of the First Lien Notes payable and is carried on the Companys balance sheet at its estimated fair value. Under the terms of this management agreement, the Company will pay this entity $750,000 per Collections of travel-sized samples introduced in mid-1998 became instant best sellers. generally accepted accounting principles. recognition and attribution provisions of SFAS 123(R). Archived Annual Reports. Focused on delivering long-term investor returns through a committment to ESG. year ended December31, 2006, foreign currency losses amounted to $37,000. 31 December 2018. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December31, 2006 and 2005 are presented below: The Companys charitable contribution carryover totaling $958,000 and $2,547,000 as of December31, 2006 The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). Burt's Bees website. With the net proceeds of the First Lien Notes on March29, 2005, the Board of Directors approved a cash dividend of $5,842 per ClassA common share totaling We believe PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. companys strategy and acquisitions as well as future, volume, sales and Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. term or the estimated useful life of the asset. The lip shimmers glide on with the perfect compliment of moisture and touch . Burt's Bees, environment, ESG, sustainability. accordance with the terms of the Stockholders Agreement, the Company redeemed an aggregate of 9,778 shares of ClassA common stock from the Stockholders and the Buyer purchased a majority of the Stockholders remaining ClassA Unrealized gains or losses are recorded in earnings as incurred until Burt's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . with foreign operations as the applicable local currency. of its leases. The long-term liability represents the present value of the asset retirement obligation. The total cost of these transactions was approximately $174,375,000 including transaction costs and the purchase of all outstanding Class B common stock options from the option holders. The figure is about the latest fiscal year available. Weve been earning peoples trust since 1913. 2003. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. Description: Essay on Burt's Bees annual report. Common stock, ClassA voting, $0.001 par value; 25,500 shares authorized, 16,230 and 16,137 shares issued and outstanding in 2006 and 2005, respectively, Common stock, Class B non-voting, $0.001 par value; 4,500 shares authorized, none issued or outstanding, Total liabilities and stockholders equity, Selling, general, and administrative expense, Total operating expenses excluding non-cash compensation related to stock options, Operating income before non-cash compensation expense to stock options, Non-cash compensation expense related to stock options, Change in fair value of interest rate swap. Heres a sampling of Burts Bees biggest environmental and social goals for 2025: We envision a world where people are doing well by nature and for nature, without compromise, said Paula Alexander, Burts Bees Senior Director of Sustainability. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial Submitted by Burt's Bees. As discussed in Note 8, the Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. None of the information on this page has been provided or approved by Burt's Bees. and 2005 will begin to expire in 2007 if not used. Policies (continued). Both volume and net sales increased, primarily driven by growth in Burt's Bees Natural Personal Care, mainly due to continued strength in lip care and face care largely driven by product innovation and distribution gains, and higher shipments of Brita water-filtration systems due to product innovation. increased the amount of authorized ClassA shares reserved to 2,681. The Company contributed $321,000 and $137,000 for The Company was in compliance with these covenants at December31, 2006. began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. 142, goodwill and certain intangibles are not amortized into results of operations, but instead are reviewed for impairment at least annually and written down and charged to Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. companys most recent Form 10-K, filed with the SEC, as updated from The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. The initiatives were announced along with the release of the company's 2020 Impact Report. NPR's Elizabeth Blair reports that Shavitz's death resulted from . After extensive research and analysis, Zippia's data science team found the following key financial metrics. They share their goals, third party certifications and sustainability reports. Both volume and net sales increased, primarily driven by the benefit of the April 2018 acquisition of the Nutranext dietary supplements business, growth in Burt's Bees Natural Personal Care, mainly due to continued strength in lip care and face care largely driven by product innovation and distribution gains, and higher shipments of Brita . BURTS BEES GIFT SET: This gift set includes 5 favorite Burts Bees skin care products that come in a giftable box perfect for stocking stuffers during the holidays to nourish skin during the harsh winter months. The Company markets its products as earth friendly, natural personal care products.. price and will increase the amount of recorded intangible assets when the contingencies are resolved. The valuation allowance is charged to the provision for inventory which is a The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. Over the years, Burt's Bees has become a global natural, conscious skincare brand. The trend first began back in the 2010s, but has seen a resurgence in 2023. minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Net cash provided by operating activities, Payment on senior subordinated notes payable, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Supplemental disclosure of cash flow information, Notes to Consolidated Financial Statements, 1. The Companys operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety and other Sarah has advanced quickly in her career, and . Headquarters. $170 million (est.) non-GAAP financial measures, are set forth in the Form 10-K and its It is classified as operating in the Pharmacies & Drug Stores industry. Show more Show less Nov 2012 - Jan 20163 years 3 months. component of cost of goods sold. The assumptions for the Black-Scholes-Merton model used in determining the fair value of options granted to employees for the year ended December31, 2006 were: The option-pricing model uses a forecast of the volatility of the Companys common stock during the expected substantially all the assets of the Company. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that extend the useful life of the asset are capitalized. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. The Company deposits its cash and cash equivalents in domestic The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. 2003, the Company issued warrants to purchase 308 shares of ClassA common stock at an exercise price of $.001 per share in connection with the issuance of the Senior Subordinated Notes Payable (Note 5). The aggregate maturities of long-term debt as of will realize the benefits of these deductible differences. as coding, installation of hardware, and software configuration. Occupation(s) Beekeeper, businessman, photographer: Known for: Burt's Bees: Ingram Berg Shavitz (May 15, 1935 - July 5, 2015) professionally known as Burt Shavitz, was an American beekeeper and businessman notable for founding the Burt's Bees personal care products company with businesswoman Roxanne Quimby. When the brand set these sustainability goals more than five years ago, they were ambitious. was based on a notional amount of $95,794,000 that decreases as the Company pays down the principal balance on its First Lien Notes. Effective November7, 2003, the Company estimated bad debts and sales returns and allowances. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes An interim goodwill information of similar public entities for which option price information is available. FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. Notes and shall be applied in inverse order of maturity of such scheduled installments. 142 requires the use of a non-amortization approach to account for purchased Unlike a lot of other "natural" brands Burt's Bees has transparency. The notes bore interest at a series of LIBOR-based December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. defined in the note agreements. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. Company size. common stock, thus resulting in a change of control. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] when estimating expected forfeitures, including the employee class and historical experience. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. including the, ability to increase distribution; the companys success to the Senior Subordinated Notes Payable. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. -- Burt's Bees began when co-founder Burt Shavitz picked up a . Recycle your Burt's Bees products with Terracycle. Durham, NC. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. The First Lien Notes are secured by Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. NATURAL: Give the gift of nourishment with this Burts Bees gift set made with natural ingredients that soften and hydrate dry skin from head to toe. That's a lesson the folks at Burt's Bees took to heart from the brand's most recent goal period, as its 2020 Impact Report makes clear. on the First Lien Notes. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. It is effective for daily use and has been Awarded National Eczema Association Seal of Acceptance, BURTS BEES FACE CARE: Use this moisturizer daily as part of Burts Bees Sensitive Face Care 5 product regimen for a healthier looking complexion, naturally, 2 PACK LIP CARE: Apply Burts Bees Moisturizing Beeswax Lip Balm to nourish and hydrate your lips with a dash of peppermint, WITH PEPPERMINT OIL: Hydrate and sooth dry lips with beeswax and a dash of peppermint extract packed into every tube of Burts Bees Beeswax Lip Balm, SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long, ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM: Treat your lips to a spa retreat with this refreshing lip balm that naturally beautifies and revitalizes your lips, NIGHT CREAM: Help restore the delicate skin on your face with this nourishing Burts Bees night cream enriched with natural, anti-aging ingredients, NATURAL SKIN TREATMENT: This 98.9% natural formula is perfect for all skin types, dermatologist tested and formulated without parabens, phthalates or petrolatum, ANTI-AGING NIGHT CREAM: This anti-aging face lotion absorbs quickly and contains Clary Sage which helps increase the skins ability to retain moisture, ANTI-WRINKLE CREAM: Clinically shown to reduce the appearance of fine lines and wrinkles, this non-greasy moisturizer gives skin the nutrients it needs, FACE MOISTURIZER: This ultra-hydrating night cream offers a natural solution for dry skin leaving skin feeling instantly fresh, soft and renewed, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 6 travel size products: Honey &, Grapeseed Oil Hand Cream, Coconut Foot Cream, Lemon Butter Cuticle Cream, Almond &. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. Amortization expense related to the warrants for the These deferred taxes are measured by applying currently enacted tax laws. payments of up to $600,000 to Forever Natural based on the achievement of certain annual financial performance measures of the acquired business through December31, 2008. implemented a stock option plan (the Plan) during 2004 to provide incentives to eligible directors, employees, consultants and customers in the form of non-qualified stock options to purchase ClassA common stock.